<< Except that oil prices are not due to the actual market demand or actual
ability
to supply, but by restraint of supply by a monopolistic syndicate, so it is
false evidence to use to reflect any trend in increase in cost due to third
world development. Inflation of prices in general has on a decade by decade
average, have always trended higher than inflation in energy prices,
something
which Krugman ignores. >>
I wonder if Dr. Thomas Gold's theory (since he did the exploration in Sweden
10 years ago, its now a theory) about regenerating oil fields, in which oil
percolates up from deep inside the Earth's crust will impact supply and
demand? See last month's Wired for the interview.